Hi guys….thanks for all your input. Haven’t had a chance to get back on to the forum until now, and i appreciate all your comments.
Markpatrick, I have put down $1000 deposit to show the vendor I am serious about this property. I would like to get just another $5K off the price of the property….the building inspection has shown up some minor faults, but nothing too serious that would worry me. The only thing I am worried about is the rusty water….if I put a tenant in it’s going to be the first thing I have to fix anyway, and I’d rather get it off the price now than not worry about. I have already managed to get $14,000 off the asking price, and I originally thought the asking price was quite reasonable. (209K down to $195K)
I had already factored in to my offer what we would need to do to it with relation to faults that a 60 year old house has, the bathroom and kitchen are quite new (1 yr old), so don’t have to worry about the cost of that. It’s mainly painting, landscaping and general tidy up of the place, so the 101 tips thread is quite good for me at the moment.
I have already developed a relationship with the RE due to another property that I was looking at buying, but the deal went pear shaped….the vender ended up taking the property off the market and decided to do a reno on it himself….so the RE knows I’m serious on this one, we’re already to go with finance etc and the vendor has agreed to allow us early access to do the painting etc prior to settlement. My main aim now is to just get that little bit extra off if I can, even $2.5K would be nice.
I did make a mistake with this one, mainly because I did have a relationship with the RE, my starting offer was too high and then I had nowhere to go.
To me, I see this property as a good investment, it’s got great position, it’s in an area that’s had great CG and with a tidy up it’ll come up looking really good. But at the end of the day, I’m not going to get too emotional if it all falls through as there is always another house. I was just following Jenman’s advice “Don’t Sign Anything!’ as I’m still new to this game and am bound to make mistakes. As I said in an earlier post, the property has gone off the RE’s website with a big SOLD sign, so it looks like I’ve found a RE who isn’t into gazumping!
Thanks for everyone’s comments, it’s good to read what you all have to say.
Cheers! [
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